Lost your wallet, mobile? These Fintech cos will protect your data

These fintech companies block your debit and credit cards. They also block your phone so that it cannot be used for mobile banking.Ever lost your wallet and your mobile? One would not have the credentials, phone numbers or bank account card details to block cards and prevent misuse. As a one-stop shop for all emergencies, OneAssist and CPP India provide a host of services in such a case.

These fintech companies block your debit and credit cards. They also block your phone so that it cannot be used for mobile banking, OTP generation and accessing financial sensitive data.

OneAssist and CPP India also send personal assistants to your home or workplace for collecting documents and to reapply for all items that may have been lost in the wallet -PAN card, driving licence, voter ID, Aadhaar card, ration card, passport, etc.

“We've had clients who were overseas and stranded after they got pick pocketed. We helped them book flight tickets, paid their hotel bills and check out. We provide such assistance up to a limit of Rs 1.5 lakh and they can settle with us once they return to India, "said Subrat Pani, co-founder, OneAssist.

Banks usually offer to change their customers' debit and credit card after an overseas trip to countries like Thailand and Myanmar, where security levels are lower.But the difference fintech players bring is immediate 247 worldwide assistance.

India's top private lenders such as ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra and 16 others have tied up with OneAssist and CPP India. “Our representatives inform new customers. They also get a welcome call from OneAssist if they want this add-on benefit,"said an ICICI Bank executive.

Sanjay Datta, chief (underwriting & claims), ICICI Lombard General Insurance, said, “It is a value-added service for bank customers. We in sure the losses, but many customers would not be aware of that. OneAssist acts as the customer-facing technology provider, while we give the back-end insurance support to cover financial losses."

Another feature that would ease customer's fears is the 45 day extension OneAssist offers for reporting fraud. Under the RBI's current guidelines, customers will have to report a fraud within three days for 100% reimbursement. “While on vacation, a three-day window is too short. But a 45-day window ensures that he will informed at the end of one billing cycle," said Pani.

At the other end, however, the Banking Codes and Standards Board of India (BCSBI) said that it still remains the responsibility of the bank to ensure card protection in case of a loss. A C Mahajan, chairman, BCSBI, said, “Banks today are offering many such third-party products. We recognise that it is a contract between the bank and customer. But financially aware customers would spot the catch here."